MFS Monthly Tip: Calculating Your Financial Needs

Life insurance is an important component of a well-crafted financial plan. It is not necessarily something that will benefit you directly, rather it helps provide for your loved ones in the event of an untimely death.

The question that many ask is: “What is the appropriate amount of life insurance to have?” These days, calculating this amount can be rather complicated as there are a vast number of variables to consider. Mortgages, auto loans, student loans, other outstanding debt, funeral costs, probate costs, college education for children, child care as well as many other inputs that need to be weighed in order to determine the right amount.
Beyond the basics, it is also imperative to consider inflation as we are seeing costs for college education, health insurance and housing rise significantly.

Mission Financial Solutions has designed a Life Insurance Calculator directed at the needs, and available to, the members of Compass Rose benefits Group. CLICK HERE to see it in action.

This is a wonderful tool to help you decide how much insurance may be necessary and appropriate for your situation.

In addition, there are several other calculators on the Mission Financial Solutions site that can be used to help plan your financial future, including: